Willis Towers Watson, a UK-based advisory, broking and solutions company, has obtained a full licence to transact all line of insurance business in China.
China’s Banking Insurance Regulatory Commission (CBIRC) has granted permission to Willis Insurance Brokers to operate as a fully licensed foreign broker in the country.
The move follows Chinese President Xi Jinping’s recent decision to open up the country’s market to foreign operators.
In response to President Xi Jinping’s announcement, the Shanghai Insurance Regulatory Bureau extended Willis Towers Watson’s operating permit to include all lines of insurance brokerage.
Willis Towers Watson head of Asia Scott Burnett said “Willis Towers Watson was one of the first foreign insurance brokers to enter the Chinese market, with a presence dating back to 1994.
“This latest announcement speaks to the long term commitment of our company to China and the recognition of our reputation and relationships not only in China but across the globe. The expanded license represents a significant vote of confidence by the CBIRC in Willis Towers Watson, our capabilities and our expertise.”
Willis Towers Watson manages its operations in over 140 countries with the help of more than 40,000 staff.